Boston, MA, 03/06/2014 – Quanex Building Products Corporation (NYSE:NX) a leading supplier of windows and door components has reported its first quarter earnings for the period ending January 31, 2014. The company net loss continued to narrow in the quarter as a result of the momentum that started in the fourth quarter of last year.
The net loss for the quarter dropped from highs of $8.12 million reported for the same quarter a year ago to lows of $3.90. The company growth rates have been on arise for the last two quarters growing by highs of 13.4% as a result.
Financial report for Q1
Quanex Building Products Corporation (NYSE:NX) saw its adjusted net loss for the quarter narrow to lows of $5.1 million or $014 per share from highs of $6.6 million or $01.17 per share reported last year same quarter. The net loss for the quarter was slightly higher when compared to consensus estimates of loss of $0.09 per share.
Quanex Building Products Corporation (NYSE:NX) reported high sales for the quarter which surged to highs of $202.36 compared to lows of $185.71 million reported last year same quarter. The reported net sales for the quarter were slightly higher than consensus estimates of $201.57 million for the quarter.
Engineered product group
Engineered product group which is one of the company’s main entities reported record revenues as a result of double digit year growth. The net sales from this group came in at highs of $126.1 million a massive improvement of 19.1% as compared to the same quart last year net sales of $106 million.
Operating income for the first quarter was also on an increase clocking in at highs of $7.5 million compared to $2.8 million reported last year same quarter. Quanex Building Products Corporation (NYSE:NX)’s EBITDA earnings for the first quarter came in at $15.1 million up from $10.3 million registered in the first quarter of 2013.
Aluminum Sheet Products
This group net sale slightly dropped by 6% to come in at $80 million compared to $85 million record last year same quarter .Thefirst quarter also saw Quanex Building announcing the sale of Nichols in an all cash transaction for $110 million, the transaction is yet to close.
Corporate costs for the first quarter came in at $8.4 million slightly lower compared to last year same quarter costs of $12.3 million. Quanex Building Products Corporation (NYSE:NX)’s cash balances as of January 31, 2014 stood at $26 million.